A joint resolution proposing an amendment to the Constitution altering Federal budget procedures.

Constitutional Amendment - Requires the Congress, before each fiscal year, to adopt a statement in which total outlays are not greater than total receipts for that year. Allows the Congress, by a three-fifths vote of each House, to provide for a specific excess of outlays over receipts. Requires the President and the Congress to ensure that actual outlays do not exceed the outlays set forth in such statement.

Requires a three-fifths vote of each House to increase the public debt in order to fund any excess of outlays over receipts for any fiscal year.

Requires the approval by a majority of the whole number of each House by rollcall vote before any bill to increase revenue may become law.

Directs the President to submit to the Congress a proposed budget for each fiscal year in which total outlays do not exceed total receipts. Permits the President to also recommend an alternative budget in which outlays exceed receipts with an explanation of the need for such excess.

Waives this article for any fiscal year in which a declaration of war is in effect. Authorizes the waiver of this article for any fiscal year in which the United States is engaged in military conflict threatening national security, if so declared by an enacted joint resolution.